Re/Max Holdings Inc. and Motto Mortgage, the first national mortgage brokerage franchise brand in the U.S., have acquired wemlo, a fintech company that provides third-party mortgage loan processing services.
The 20-month-old, Florida-based startup developed the first “Service Cloud” for mortgage brokers, combining third-party loan processing with an all-in-one digital platform. Its product offers the only enterprise-grade solution of its kind in the mortgage brokerage space, the company said.
“The acquisition of wemlo is an investment in our high-growth Motto Mortgage business, as it helps address one of the mortgage brokerage channel’s biggest pain points — ineffective mortgage loan processing,” said Adam Contos, CEO of Re/Max Holdings.
David Rogove, a wemlo co-founder, said the acquisition will help wemlo scale and grow its operations across the mortgage broker channel.
“Our platform is a streamlined solution that offers a better way to manage mortgage loan processing, and we’re excited that its impact will expand across the country,” Rogove said.
Rogove and co-founder Steven Gelley will continue to lead the wemlo team, with operations staying based near Fort Lauderdale. They’ll work closely with the Motto Mortgage technology team in Denver to plan and execute integrations within the Motto Mortgage product ecosystem while advancing the wemlo roadmap for independent mortgage brokerages.
